Raleigh-Durham, NC

The Research Triangle area was not hit as hard by the pandemic as many other cities in the Southeast.

The market has averaged about 6% growth over the last two years, although 2022 is expected to be the end. The market should drop by about 8% this year, mainly due to the residential sector. Projects that began during the pandemic are set to wrap up this year, and concerns about inflation and eased restrictions mean that there are fewer newer projects to replace them. Our research predicts that the Research Triangle will remain steady, however, through 2024.

North Carolina appears to have returned to full employment. Unemployment was about 4% in January, although the Research Triangle is likely even better. The area is home to several high-profile manufacturing facilities – specifically a battery plant operated by Toyota and a manufacturing plant for supersonic business jets – and although these have not begun hiring, they are expected to add new jobs over the 2020s. Compared with this time last year, North Carolina has added 70,000 new jobs to its economy.

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* Other structures include religious buildings, amusement, government communications, and public recreation projects.
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